Resonetics has signed an agreement with Italy-based SAES Getters to acquire the latter’s Memry and SAES Smart Materials businesses for $900m.
Both Memry and SAES Smart Materials are based in the US with operations in Bethel, Connecticut, New Hartford, New York, and Menlo Park, California.
The transaction is expected to close this year, subject to receiving necessary regulatory approvals, approval of SAES Getters Board of Directors and other closing conditions.
Until the closing of the transaction, the two companies will continue to operate independently.
Resonetics president and CEO Tom Burns said: “The SAES Medical Nitinol business is a leading supplier to the medical device industry with a broad set of capabilities focused 100% on nitinol, a novel superelastic, shape-memory alloy.
“Upon completion of the deal, Resonetics will have the supply and scale to better address the growing customer needs for nitinol material, components, and implants.
“We will continue to provide a high level of service to all our customers, including contract manufacturers who serve the medical device industry.
“We look forward to offering customers enhanced options and products as a result of this transaction, and to working with the 550 employees at SAES Medical Nitinol that will be joining our team once the acquisition closes.”
Established in 1987, Resonetics is focused on advanced engineering, product development, prototyping, and manufacturing solutions for the life sciences industry.
The company currently operates nitinol centres of excellence in San Diego, California, and Or Akiva, Israel, with a focus on laser cutting, braiding, shape setting, and electropolishing.
In addition, it offers centreless grinding of nitinol wire with operations in Blaine, Minnesota and Alajuela, Costa Rica.
Resonetics said that Memry will add electric discharge machining (EDM) capabilities, along with additional laser processing, centreless grinding, nitinol tubing, sheet, and wire fabrication.
The SAES Smart Materials business will create the nitinol raw material from nickel and titanium raw material and converts it into various form factors, said the company.